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Title: |
Purchase Agreement |
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Entities: |
General Electric Capital Corp.; Methode Electronics Inc.; Lord, Bissell & Brook; Stratos Lightwave, Inc.; Bandwidth Semiconductor, LLC; Spire Corp. |
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Date: |
2003 |
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Size: |
Preview shows 14KB of 101KB total |
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Price: |
$38 |
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ID: |
#125394 |
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================================================================================
PURCHASE AGREEMENT
by and among
SPIRE CORPORATION
and
STRATOS LIGHTWAVE, INC.
BANDWIDTH SEMICONDUCTOR, LLC
Dated as of May 23, 2003
================================================================================
{PAGE}
TABLE OF CONTENTS
Section Page
------- ----
1. PURCHASE AND SALE OF OWNERSHIP INTEREST...................................1
1.1. Ownership Interest................................................1
1.2. Excluded Assets...................................................1
1.3. Documentation.....................................................2
1.4. Closing; Closing Date.............................................2
1.5. Effective Time....................................................2
2. PURCHASE PRICE............................................................2
2.1. Purchase Price....................................................2
3. REPRESENTATIONS AND WARRANTIES OF SELLER AND COMPANY......................2
3.1. Organization, Power and Qualification.............................2
3.2. Subsidiaries......................................................3
3.3. Authorization.....................................................3
3.4. No Violation; Consents............................................3
3.5. Financial Statements..............................................3
3.6. Liabilities and Obligations.......................................4
3.7. Absence of Certain Changes........................................4
3.8. Tax Returns and Reports...........................................4
3.9. Title to and Condition of Assets..................................5
3.10. Real Estate and Leases...........................................5
3.11. Contracts........................................................6
3.12. Inventory........................................................6
3.13. Litigation.......................................................6
3.14. Employment and Labor Matters.....................................6
3.15. Employee Benefits................................................7
3.16. Intellectual Property............................................8
3.17. Legal Compliance.................................................9
3.18. Transactions with Affiliates....................................10
3.19. Environmental Matters...........................................10
3.20. Product Liability/Warranties....................................11
3.21. Principal Customers and Suppliers...............................11
4. REPRESENTATIONS AND WARRANTIES OF BUYER..................................11
4.1. Organization.....................................................11
4.2. Authorization....................................................12
4.3. No Violation; Consents...........................................12
i
{PAGE}
5. COVENANTS OF SELLER AND COMPANY..........................................12
5.1. Conduct of Business Prior to Closing.............................12
5.2. Investigation....................................................13
5.3. Regulatory Authorizations; Notices and Consents..................13
5.4. Notice of Developments...........................................13
5.5. Schedules........................................................14
5.6. No Solicitation or Negotiation...................................14
5.7. Closing Conditions...............................................14
6. CONDITIONS TO CLOSING....................................................14
6.1. Conditions to Buyer's Obligations................................14
6.1.1 Representations and Warranties...........................15
6.1.2 Certificate..............................................15
6.1.3 Opinion..................................................15
6.1.4 Consents and Approvals...................................15
6.1.5 No Material Adverse Change...............................15
6.1.6 No Proceeding............................................15
6.1.7 Lien Releases, If Any....................................15
6.1.8 Real Estate..............................................15
6.1.9 Closing Documents........................................15
6.2. Conditions to Obligations of Seller and Company..................16
6.2.1 Representations and Warranties...........................16
6.2.2 Certificate..............................................16
6.2.3 .........................................................16
6.2.4 Consents and Approvals...................................16
6.2.5 No Proceeding............................................17
6.2.6 Release of Bedford Lease.................................17
6.2.7 Intellectual Property License............................17
6.2.8 Supply Agreement.........................................17
6.2.9 Real Estate..............................................17
6.2.10 Letter of Credit........................................17
6.2.11 Closing Documents.......................................17
7. TERMINATION..............................................................17
7.1. Termination......................................................17
7.2. Effect of Termination............................................18
7.3. Fees and Expenses; Damages.......................................18
8. INDEMNIFICATION..........................................................18
8.1. Indemnification of Buyer.........................................18
8.2. Indemnification of Seller........................................19
8.3. Method of Asserting Claims.......................................20
ii
{PAGE}
8.4. Nature and Survival of Representations...........................20
8.5. Limitation on Aggregate Claims...................................21
9. OTHER AGREEMENTS.........................................................21
9.1. GE Lease.........................................................21
9.2. Settlement Agreement.............................................21
9.3. Employees........................................................21
9.4. Releases.........................................................22
9.5. Acknowledgment Regarding Insurance and Employee Benefit Plans....22
10. GENERAL PROVISIONS......................................................22
10.1. Entire Agreement................................................22
10.2. Waiver..........................................................22
10.3. Amendments......................................................22
10.4. Expenses........................................................22
10.5. Notices.........................................................23
10.6. Assignment......................................................23
10.7. Commissions and Finder's Fees...................................23
10.8. Severability....................................................24
10.9. Counterparts....................................................24
10.10. Headings.......................................................24
10.11. Instruments of Further Assurance...............................24
10.12. Publicity......................................................24
10.13. No Third Party Beneficiaries...................................24
10.14. Waiver of Trial by Jury........................................24
10.15. Cumulative Remedies............................................24
10.16. Governing Law..................................................24
APPENDIX.....................................................................26
iii
{PAGE}
EXHIBITS AND SCHEDULES
----------------------
Exhibit A Company's Certificate of Formation and Operating Agreement
Exhibit B Form of Opinion of Counsel to Seller and Company
Exhibit C Form of Opinion of Counsel to Buyer
Schedule 3.4 No Violation; Consents
Schedule 3.5 Financial Statements
Schedule 3.6 Liabilities and Obligations
Schedule 3.7 Absence of Certain Changes
Schedule 3.8 Tax Returns and Reports
Schedule 3.9 Title to and Condition of Assets
Schedule 3.11 Contracts
Schedule 3.12 Inventory
Schedule 3.14 Employment and Labor Matters
Schedule 3.15 Employee Benefits
Schedule 3.16 Intellectual Property
Schedule 3.17 Legal Compliance
Schedule 3.19 Environmental Matters
Schedule 3.20 Product Liability/Warranties
Schedule 3.21 Principal Customers and Suppliers
iv
{PAGE}
PURCHASE AGREEMENT
This PURCHASE AGREEMENT ("Agreement") is made and entered into as of
May 23, 2003, by and among Spire Corporation, a Massachusetts corporation
("Buyer"), and Stratos Lightwave, Inc., a Delaware corporation ("Seller"), and
Bandwidth Semiconductor, LLC, a Delaware limited liability company ("Company").
Capitalized terms used but not defined herein shall have the
respective meanings set forth in the Appendix of Definitions attached hereto and
made a part hereof.
R E C I T A L S:
----------------
WHEREAS, Company's optoelectronics business conducts, both under
contract and on a commercial merchant basis, research, development and
production of compound semiconductor wafers and devices processed from
semiconductor wafers (the "Company Business"); and
WHEREAS, Seller wishes to sell to Buyer, and Buyer wishes to purchase
from Seller, all of the ownership interest in Company, but excluding cash and
the Company's interest in land and buildings (and accompanying mechanical
systems such as electrical systems, plumbing systems, heating systems, air
conditioning systems, and security, alarm and/or entry systems) located at 25
Sagamore Road, Hudson, New Hampshire (the "Real Estate"), upon the terms and
conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants and
agreements herein contained and in reliance upon the representations and
warranties hereinafter set forth, the parties agree as follows.
1. PURCHASE AND SALE OF OWNERSHIP INTEREST.
1.1. Ownership Interest. On the terms and subject to the conditions
contained herein, Seller agrees to sell, assign, transfer, convey and deliver to
Buyer and Buyer agrees to purchase from Seller at the Closing and on the Closing
Date (as each such term is defined in Section 1.4 hereof), free and clear of all
liens, claims and encumbrances (except as otherwise disclosed in and permitted
by this Agreement), all of the ownership interest in Company, but excluding the
Excluded Assets (as defined below).
1.2. Excluded Assets. Notwithstanding anything to the contrary
contained herein, the following assets shall not be sold to Buyer and shall be
distributed by Company to Seller immediately prior to the Closing (the "Excluded
Assets"):
(a) Cash All petty cash, cash on deposit, and funds
in payroll accounts, and all certificates of
deposit, bonds, stock and other securities held
by Company.
(b) Real Estate All proceeds from the sale of the
Real Estate (which is contemplated to be
consummated prior to the Closing); provided,
however, that Seller and not the Company shall be
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